India emerging economy – Basic characteristics
It is known to us that India happens to be a developing nation that belongs to the lower middle-income category. In this particular blog, we will mention the fundamental characteristics of this country as a developing economy. So, let us not waste time and go through this article on the topic of India emerging economy.
PCI (Low per capita income)
The per capita income of India was $1983 as per the international monetary fund report published in 2017 and India had got the rank of 140 out of 188 nations. Furthermore, the per capita income of India was $1940 as per the World Bank Report published in the year 2017 and the rank of India was 138 out of 184 nations. Therefore, we can safely come to the conclusion that the per capita income of a particular Indian citizen is lower compared to the majority of the countries in this world.
The population of this country was 1.36 billion in the year 2019 and it is one of the most populated nations on the planet right now. It is a fact that the population of India is approximately 17.74% of the total population in the world. There are high levels of illiteracy in India right now that have given rise to massive birth rates. Moreover, the enhancement in medical facilities has helped to increase the lifespan of any particular Indian citizen while decreasing their death rates as well.
Under-employment and persistent unemployment in India
It is quite difficult to engage the population in proper employment because of the lack of capital in this particular country. Moreover, there is plenty of cheap labour available in India right now unlike the Western countries. Consequently, the unemployment rate has increased by leaps and bounds and there are lots of under-employment in this country at present.
Inequality when it comes to the distribution of wealth
The main reason for inequality when it comes to the distribution of income in the cities and rural areas happens to be the unequal distribution of assets. This particular inequality likewise highlights that the resource base of approximately half of the families in India is quite weak. In fact, it is so weak that it is not able to provide them with anything more than the subsistence income level.
Inferior levels of technology
India happens to be a nation of eclectic mixes. While on one side, a company makes use of the most collaborative technologies, the other companies from the identical industry make use of outdated ones. Unfortunately, most of the products are manufactured from infinite technologies out there. In case you take a glance at the productivity of an underdeveloped and developed country, then it is a fact that a developed country comes with better productivity since it makes use of better technologies.
Hopefully, this blog will be able to give a proper idea regarding India emerging economy.https://www.toppr.com/guides/fundamentals-of-economics-cma/indian-economy/basic-characteristics-of-india-as-a-developing-economy/